New Lloyds Vantage current account

dar2008

expatasia wrote: »

Why do they want customers to set up the DDs (sorry, if that's a dumb q)?

That's a good question and one that I don't know the answer to. It's quite common with new accounts to offer the switching 'service' and I've benefited £50 when doing this with Halifax and £100 when doing so with Santander (basically you didn't get the free cash unless you switched DD's to them via their switching 'service').

Perhaps it gives them a sense that you're really switching your main banking to them?

Or possibly somehow they make money out of processing DD's.:huh:

savetilibleed

MoneySaverLog wrote: »

I got 3 old welcome packs too, with the top tier at 3% for maximum balance on each of £5,000 :mad:

I've upgraded on the 10th and worked out what interest I am due to get on the 1st October by taking the following

£5,000 * 0.0296/365 * 9 = £3.65 Old rate for 9 Days
£5,600 * 0.0396/365 * 21 = £12.75 new rate for 21 Days
Total Expected: £16.40 Gross - 20% Tax = £13.12

Time will tell whether they work this out the same way on the 1st October

I upgraded Vant 1 on 12 Sept and Welcome pack (as you say as as if I was new) only mentions 3% for £5k max. There is a separate sheet in the pack of Vantage terms and conditions about the 4% interest rate. But it is none too clear. I upgraded Vant 2 & 3 on 19 Sept so I suppose two more packs en route.

By the way (can't remember if I mentioned), interest turned up yesterday in these two (Vant 2 & 3) accounts that were upgraded yesterday. Seems strange. :mad:

Steve_xx

savetilibleed wrote: »

By the way (can't remember if I mentioned), interest turned up yesterday in these two (Vant 2 & 3) accounts that were upgraded yesterday. Seems strange. :mad:

That really is strange. I can't understand why that would happen since they only pay interest on the first working day of the new month or something complex like that.

tuggy12

Looking for some help from the regulars here.

My OH has three Vantage accounts and we're looking at servicing each of them with two DD's to allow upgrading to the 4% deal.

Could we each open a Tesco saver account and then set up two DD's from each of these accounts to each of the three Vantage accounts. ie a total of six DD's?

Steve_xx

tuggy12 wrote: »

Looking for some help from the regulars here.

My OH has three Vantage accounts and we're looking at servicing each of them with two DD's to allow upgrading to the 4% deal.

Could we each open a Tesco saver account and then set up two DD's from each of these accounts to each of the three Vantage accounts. ie a total of six DD's?

Yes you can.

tuggy12

Steve_xx wrote: »

Yes you can.

Thanks.

My OH has opened a Tesco Saver OK and has set up first Vantage account as a linked account OK with a DD

Tried to set up second and third Vantage accounts as a linked accounts also but will not allow this.

How do you set up the DD's to the other two Vantage accounts?

Steve_xx

tuggy12 wrote: »

Thanks.

My OH has opened a Tesco Saver OK and has set up first Vantage account as a linked account OK with a DD

Tried to set up second and third Vantage accounts as a linked accounts also but will not allow this.

How do you set up the DD's to the other two Vantage accounts?

With the Tesco account you can add as many DD's as you want it seems. I would have to log in to see how it's done but it can be.

Spruance

I already have a Vantage current account from the days when it was 4% on up to £7k. At the time I distinctly recall setting it up in short phone call. Simples!:D

Yet this time around not only is it apparently not possible to set up the extra interest tier over the phone or via online banking it is also seemingly not possible to do it at the counter in the branch either.:mad:

Instead I have been obliged to make an appointment to see an advisor next week and have been told that the whole process should take around 15 minutes - yes 15 minutes. How much simpler would it have been to have asked the question on online banking "Would you like an extra 1% interest on your Vantage account Yes or No?"

No doubt this is just a cynical cross-selling marketing exercise by Lloyds TSB.

kar999

Spruance wrote: »

Instead I have been obliged to make an appointment to see an advisor next week and have been told that the whole process should take around 15 minutes - yes 15 minutes. How much simpler would it have been to have asked the question on online banking "Would you like an extra 1% interest on your Vantage account Yes or No?"

No doubt this is just a cynical cross-selling marketing exercise by Lloyds TSB.

Given Lloyds current criticism for commission on mis-selling of products they are treading on thin ice there!

innovate

Spruance wrote: »

I already have a Vantage current account from the days when it was 4% on up to £7k. At the time I distinctly recall setting it up in short phone call. Simples!:D

Yet this time around not only is it apparently not possible to set up the extra interest tier over the phone or via online banking it is also seemingly not possible to do it at the counter in the branch either.:mad:

Instead I have been obliged to make an appointment to see an advisor next week and have been told that the whole process should take around 15 minutes - yes 15 minutes. How much simpler would it have been to have asked the question on online banking "Would you like an extra 1% interest on your Vantage account Yes or No?"


No doubt this is just a cynical cross-selling marketing exercise by Lloyds TSB.

You could try ringing the 0800 number mentioned in earlier posts - it's been successfully used by several people on here to upgrade to the 4% offer (took less than 5 minutes to do 3 accounts for me).

Then cancel the appointment.